WASHINGTON: Qatar-US bilateral trade amounted to more than $9.43bn in 2019, an increase of nearly 90 per cent compared to just three years ago, Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari has said.
He stated Qatar Investment Authority is chanelling up to $45bn in investments in the US with partners across a wide variety of sectors from coast to coast, in addition to investments in the US energy sector by Qatar Petroleum.
Al Kuwari was speaking in Washington on Monday at a private sector engagement event on the sidelines of the third US-Qatar Strategic Dialogue.
He als announced Qatar’s Widam Food Company and Tyson Fresh Meats of the US have signed an MoU to work together in the food and agricultural business sectors.
The event was organised as a videoconference by the US-Qatar Business Council in cooperation with the US Chamber of Commerce.
The objective was to enhance communication with US companies, highlighting the legislative framework governing the business environment in Qatar and shedding light on investment and partnership opportunities between the Qatari and American private sectors.
The meeting was attended by Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al Thani, Sheikh Mohamed bin Faisal Al Thani of the Qatari Businessmen Association (QBA), Wilbur Ross, US Secretary of Commerce, Tom Donohue, CEO of the US Chamber of Commerce, Anne Patterson, president of the US-Qatar Business Council and Khush Choksy, Senior Vice-President for Middle East and Turkey Affairs at the US Chamber of Commerce.
Utmost confidence
Addressing the opening session of the event, Al Kuwari explained Qatar has put in place a system which ensures companies can have the utmost confidence in their investments, and provides them with the greatest potential for success.
The year 2020 has seen major achievements for Qatar, he said, despite the significant challenges arising from the outbreak of Covid-19, which has disrupted supply chains and normal business operations around the globe.
In fact, Qatar has been at the forefront of countries across the region in enforcing measures to protect the health and safety of its citizens and residents, while embracing an integrated strategy to bolster trade and economic activities with its partners around the world, Al Kuwari explained.
In this context, Qatar has maintained its commitment to the multilateral trading system and strengthened international co-operation frameworks, to ensure the continuity of trade as the engine for economic recovery.
Qatar has stepped up efforts to enhance its advanced logistical networks, and capitalise on its high-quality infrastructure, to consolidate its position as a regional and global trade and investment hub, he said.
Public-Private Partnership
Touching on the laws that Qatar has enacted to attract and encourage investments, Al Kuwari said the country has taken important steps in this direction, including the issuance of a Public-Private Partnership (PPP) law that expands the country’s investment horizons.
The law also provides a legislative framework for improving governance and risk management, and promoting competition and innovation to bolster Qatar’s dynamic business environment.
Investors will have the opportunity to finance, develop and operate projects in a variety of priority sectors including food security, sports, tourism, health, education and logistics.
In this context, the PPP law will deliver a major boost to Qatar’s business environment as preparations continue to host the 2022 FIFA World Cup with the development of new projects.
The minister elaborated on the benefits of the law regulating the investment of non-Qatari capital in economic activity, which allows up to 100 per cent foreign ownership across all sectors and economic activities and offers exemptions from income tax and customs duties on the import of machinery and equipment.
Key initiatives
Qatar has also launched key initiatives to bolster its investment sector, Al Kuwari said, referring to the establishment of the Investment Promotion Agency and the launch of the single-window initiative that brings together more than 22 government agencies under one platform to streamline investment procedures. .
He said Qatar is currently focussed on developing its private sector, SMEs in particular, and on facilitating their participation in development projects. This strategy is already paying dividends, with the industrial sector attracting more than $72bn in investment in 2019.